Aust set to assume chair of G20

AUSTRALIA will assume the chairmanship of the G20 on Sunday, giving it the key role in setting the agenda and managing the summit to be held in Brisbane next November.

The G20 is the top global forum for examining the world's economic and financial challenges, with member countries representing 85 per cent of world GDP and 80 per cent of global trade.

The Brisbane summit, from November 15-16, is expected to attract 4000 delegates and 3000 journalists.

The first ministerial-level event leading up to the leaders' summit will be the finance ministers and central bank governors meeting in Sydney on February 21-23. Canberra will host a deputies-level meeting in January.

Cairns will host a second meeting of finance ministers and bank governors from September 20-21.

Beyond the G20 nations, Spain, Myanmar, the chair of the African Union as well as another African country and an yet-to-be-named Asian country will be invited to attend the summit.

Australia assumes the chairmanship role from Russia, with Turkey to host the 2015 summit.